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I was debating with my friends if buying a car (ex. classic) is a good investment or not. I know it's a good investment only if you don't drive it and store it away in mint condition. But is it probably to have a car to drive from time to time and actually go up in value. Can you give me an example if you know of any. Thanks

2006-08-28 11:43:30 · 9 answers · asked by Q.D. 2 in Cars & Transportation Buying & Selling

9 answers

In my experience, buying classic American made cars is the best way to make money. Have you watched Barrett-Jackson car auction? Check out ebaymotors.com or carsonline.com I have 4 Classic Chevys(one a daily driver) and havn't lost a dime. Upkeep is vital. Don't allow them in the rain. Don't use water on the paint, it ruins the finish as does the sun. If at all possible, keep in a climate control garage.If you buy a new car it depreciates the second you drive it off the lot. I'd never buy a new car and I've been in the car business for over 30 years. By the way, '67-'69 Camaros are hot right now. There are tons of good books and info on caring for your classic car.

2006-08-28 12:18:55 · answer #1 · answered by artyspiff 1 · 0 1

The only way to have a solid return - aside from maintaining a classic in mint condition for many years - is to buy something in need of refurbishing.

Assuming that there is still demand for the car years down the road, repairing and restoring the car within a budget would mean that the costs would be justified by the final value of the car in good condition.

Specific example.. my uncle bought a De Tomaso Pantera in boxes (literally), re-built the vehicle, built a new engine, restored the original interior - he recently sold it for the price of a new 911 after very light use over the last six years.

2006-08-28 18:52:11 · answer #2 · answered by buzzfeedbrenny 5 · 0 0

Only extremely limited edition vehicles will go up in value. And that will only happen after 20 years or so. If you get your hands on an old mopar, 1966-70 for example, they are going up in value by leaps and bounds. Lately there has been such a craze for these cars that the values have risen exponentially. You can expect it to level off a bit though. So to answer you question, an old desirable car will rise in value, not newer ones.

2006-08-28 18:49:38 · answer #3 · answered by jay 7 · 0 0

Buying an Antique car maybe a good investment as long as it is properly documentnted verified etc. However u need to learn and be quite knowledgeable about antique cars first before thinking of investing in it.

A regular car no matter how expensive or cheap is NOT an investment.

2006-08-28 18:59:18 · answer #4 · answered by dam_amasing 3 · 0 0

A car doesn't usually gain value, rather the opposite. And fast. Even if you don't drive it. The only way it can gain value is if it belongs or belonged to someone really important, see elvis' car for example. So as far as I know, yes, it is a bad investment.

2006-08-28 18:49:18 · answer #5 · answered by Kazeed 2 · 0 0

A classic car, taken care of in a certain way and preserved will probably appreciate in value, but cars do not in general appreciate.

2006-08-28 18:49:56 · answer #6 · answered by Chris 5 · 0 0

sometimes they can.....for example a numbers matching 69 Dodge Charger would probably go up in worth as the years pass since there are not that many of them left around......finding a numbers matching rare car though can be pricey

2006-08-28 18:51:21 · answer #7 · answered by matt 1 · 0 0

well, if you modify the car, i guess the value could go up.

2006-08-28 18:48:25 · answer #8 · answered by dorazioyoman6 2 · 0 0

i dont know of any till they get 20 years old or older

2006-08-28 18:49:16 · answer #9 · answered by grey_wolf54486 3 · 0 0

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